Income Funds and REITs


Osler is broadly recognized as one of the premier business law firms in Canada with a seamless service model that strongly enhances our ability to advise clients across Canada and internationally. A market leader in mergers & acquisitions, corporate finance and securities, lending, and real estate, and the acknowledged Canadian legal powerhouse in tax, Osler has extensive experience that spans the ongoing income fund conversion to a corporate structure to advising on some of the largest and most complex income trust and REIT transactions in Canadian history.

Income Funds

Osler has extensive experience acting for Boards and organizations facing the strategic and legal challenges created by current market conditions and the impending imposition of entity-level tax. We have advised acquirers, selling trusts, lenders and special committees on approximately half of the Income Trust sale or merger transactions that have occurred since the October 31, 2006 announcement of Income Trust tax change. We continue to act on follow-on issues by existing Income Trusts to fund the growth of such trusts, as well as on major acquisitions and the financing of Income Trust sales.


Osler offers clients deep expertise in the area of real estate investment trusts and has acted for many of Canada’s largest REITs. More than a decade of experience advising on the creation and management of REITs has given us valuable insight into this market. In addition, we advise REIT clients on all aspects of real estate, including acquisitions, dispositions, mortgaging and leasing of their various assets. We also provide expert securities, tax and corporate governance counsel to REITs and their subsidiaries, to underwriters and to lenders.

  • Canada Pension Plan Investment Board and Sterling Partners

    Canada Pension Plan Investment Board and Sterling Partners in their acquisition of the assets of Livingston International Income Fund.

  • CanWest Global Communications

    CanWest Global Communications in its privatization of CanWest Media Works Income Fund.

  • Earl Street Capital

    Earl Street Capital in its acquisition of Entertainment One Income Fund.

  • Edgestone Capital Partners

    Edgestone Capital Partners in the acquisition of Custom Direct Income Fund.

  • Esprit Energy Trust

    Esprit Energy Trust in its $6 billion merger with Pengrowth Energy Trust.

  • Fording Canadian Coal Trust

    Fording Canadian Coal Trust in its $14.1 billion sale to Teck Cominco.

  • Great Lakes Carbon Income Fund and PPB Logistics

    The special committee of Great Lakes Carbon Income Fund and PPB Logistics.

  • Homberg Invest Inc.

    Homberg Invest Inc. in its white-knight acquisition of Alexis Nihon REIT.

  • HF Eimiskipafelag Islands

    HF Eimiskipafelag Islands in its acquisition of Versafold Income Fund.

  • Royal Utilities Income Fund

    Royal Utilities Income Fund with its acquisition by Sherritt International Corporation.